In a recent shift from his critical stance, the Union Minister for Commerce and Industry, Piyush Goyal, has adopted a more supportive approach by initiating collaborative discussions with the leaders from the startup ecosystem to shape the nation’s innovation-driven future.
This round-table conference, organized on April 24th by the Delhi-based industry group Startup Policy Forum (SPF), where all the industry leaders were present, including OYO’s founder Ritesh Agarwal, PhysicsWallah’s Prateek Maheshwari, Cars24’s Vikram Chopra, and others.
The Union Government took this step following Piyush Goyal’s sharp critique of Indian startups, where he contrasted their ‘comfort crisis’ with China’s deep-tech ambitions.
Bridging the Gap for Growth
Minister Goyal recently unveiled a comprehensive strategy aimed at fostering a more supportive and dynamic startup ecosystem at Startup Mahakumbh that held in New Delhi. The idea behind this initiative was to introduce a nationwide helpline, designed to provide founders with a direct channel to address regulatory challenges, suggest policy reforms, and seek assistance on legal ambiguities.
This measure underscores the government’s commitment to being more responsive and accessible to the startup community in every way possible. And now, this round of discussion is a one step forward in the similar direction.
Key Proposals Discussed
- Attract skilled global tech talent back to India
- Accelerate innovation in deeptech sectors
- Enhance the impact and reach of the government’s Fund of Funds
- Streamline regulations around mergers and demergers
- Expand startup initiatives to smaller towns and cities
- Boost government support for Indian startups aiming for global expansion
- Establish a pooled capital vehicle driven by entrepreneurs
- Prioritize efficiency and quality over rapid scale
- Simplify business operations, including easing the process of “flipping” companies back to India
- Encourage greater investment into the overall startup ecosystem
Building a Unified Ecosystem
Union Minister also stresses on streamlining and strengthening of the startup framework, he has proposed the establishment of a non-profit entity under Section 8 of the Companies Act. This body would integrate various initiatives, including the National Startup Advisory Council and the Bharat Startup Knowledge Access Registry (BHASKAR), into a cohesive platform.
The aim is to create a centralized hub that facilitates collaboration, resource sharing, and policy advocacy, thereby enhancing the overall effectiveness of the startup ecosystem.
How Founders View the Future
Many industry veterans and startup founders voiced their perspectives on the government’s supportive outreach.
Ritesh Agarwal, founder and CEO of hospitality technology company OYO, stated: “As a founder and a member of the Startup Policy Forum, I wanted to bring up one key question: how can we attract and retain world-class talent in India? For any startup or industry to thrive, three things are critical-talent, talent, and talent.”
While highlighting two key suggestions for driving innovation and attracting high-skilled talent, he further added “I am glad to share that the minister addressed both these points, offering insights on how the Startup Policy Forum can collaborate with the government to draft specific policies that can create a more conducive environment for attracting talent.”
Aloke Bajpai, chairman, managing director, and Group CEO of travel tech company ixigo, highlighted Goyal’s appetite for listening to all the suggestions and how he defines his expectations from the ecosystem.
He said, “We were enlightened with a lot of new initiatives the government is taking, and we came up with some action items for both sides, which made a lot of sense.”
Amit Jain, co-founder and CEO of auto tech solutions company CarDekho, said: “What I look forward to post this (meeting) is a task force formation for each industry so we can move India forward together.”
Shashank ND, co-founder and CEO of healthcare tech company Practo, noted that he was particularly impressed by Goyal’s emphasis on developing a structured international expansion playbook for startups.
He stated: “I must also add that he laid a lot of calm to the needs of startups regarding reverse flipping back to India.”
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